In 2024, bilateral trade reached USD705 million, the highest level to date. Both sides’ ministries and agencies have identified great potential to further strengthen and expand cooperation in areas such as tourism, renewable energy, high-tech agriculture, green transition, digital transformation, and the maritime economy. Vietnam and Portugal are both dynamic economies with strategic positions in the Asia-Pacific and Europe. While bilateral trade has seen positive growth, it remains modest compared with the potential of the two countries.

As both are EVFTA members, this provides opportunities for businesses on both sides to take advantage of tariff preferences to expand exports of Vietnam’s agricultural, fishery, textile, and footwear products to Portugal, while accessing industrial products, high technology, renewable energy, and maritime economy products from Portugal, with the goal of reaching USD1 billion in bilateral trade in the coming years.

Investment cooperation between the two countries remains modest compared to potential. Vietnam welcomes EDP Renewables to further expand investment in renewable energy projects in Vietnam and seeks more Portuguese investment in shipbuilding, maritime transport, renewable energy, agriculture, digital transformation, green economy, urban planning, and tourism. With its strength in renewable energy and green transition, EDP Renewables’ investment of USD500 million in wind and solar power projects in southern Vietnam is a typical example of mutual trust and cooperation. Labour cooperation: Vietnam has a young population and a skilled, diligent workforce, ready to provide high-quality labour in fields where Portugal has demand. Both sides need to enhance trade and investment promotion activities, help businesses exploit EVFTA more effectively, and jointly advocate for the remaining EU members to soon ratify the EU-Vietnam Investment Protection Agreement (EVIPA) to create a legal framework for investment and business activities in both countries.

It is also necessary to establish specialized cooperation mechanisms in economics, trade, and investment, allowing the two countries to review existing issues and propose concrete measures to promote cooperation in potential fields such as maritime economy, renewable energy, science-technology, digital transformation, and circular economy.

According to statistics from Vietnam Customs, in the first six months of 2025, Vietnam’s exports to Portugal reached more than USD286.36 million, up 3.41% year-on-year. Telephones and components were the largest export item at over USD48.58 million, down 8.23% year-on-year, followed by coffee at USD40.51 million, up 27.1%, and plastic materials at over USD22.95 million, up 28.15%.

Table 1: Export turnover of major Vietnamese goods to Portugal in June 2025 and the first six months of 2025
(Unit: USD)

According to Vietnam Customs, in the first six months of 2025, Vietnam’s imports from Portugal reached more than USD74.14 million, down 15.27% year-on-year. In June 2025 alone, imports reached over USD22.63 million, up 96.87% from May 2025 and 4.27% from June 2024.

Table 2: Export turnover of Portugal to Vietnam in June 2025 and the first six months of 2025
(Unit: USD)

The EVFTA has had positive impacts on Vietnam–Portugal trade, boosting trade turnover, expanding economic cooperation, and creating new opportunities and favorable conditions for market access on both sides.

·         Trade growth: The EVFTA has significantly boosted bilateral trade, supporting Vietnam’s key exports such as agricultural products, seafood, textiles, footwear, and electronics to access Portugal with preferential tariffs. Vietnam has also benefited from imports of Portuguese industrial products, machinery, equipment, and raw materials.

·         Economic cooperation expansion: Beyond goods trade, the agreement extends to investment, services, and technology cooperation.

·         Market access: The EVFTA reduces tariffs and trade barriers, making it easier for businesses from both countries to access each other’s markets. For example, Vietnamese cashew nuts benefit from 0% tariffs, while textiles and footwear gain more export opportunities. Meanwhile, Vietnam can import high-tech products and equipment from Portugal for its industrialization.

·         Quality improvement: The EVFTA requires businesses to meet higher quality standards, pushing both sides to improve export product quality.

·         Business environment improvement: The EVFTA helps improve the business and investment environment, facilitating trade and investment activities.

·         Market diversification: The EVFTA allows Vietnam to diversify export markets, reducing dependence on traditional markets and strengthening ties with EU members, including Portugal.

·         Investment attraction: The EVFTA increases the attractiveness of Vietnam for Portuguese investors, particularly in renewable energy, technology, and services.

Table 3: Vietnam–Portugal trade turnover and Vietnam’s trade surplus with Portugal, 2020–2024
(Unit: Million USD)

In the first six months of 2025, Vietnam–Portugal trade turnover reached USD359.97 million, with Vietnam’s exports at approximately USD286.48 million and imports at USD73.49 million, raising Vietnam’s trade surplus to USD212.99 million.

Table 4: Vietnam–Portugal trade turnover and Vietnam’s trade surplus with Portugal in the first six months of 2025
(Unit: Million USD)

T.Huong

Source: Vitic